Colossa Ventures acquires 10% stake in Vioma Motors during successful Pre-Series A funding round
- ByStartupStory | February 20, 2023
Colossa Ventures LLP, a firm that invests in businesses with a focus on women, leads Vioma Motors’ Pre-Series A funding round, acquiring a 10% stake in the e-mobility startup. BRTSIF, an existing investor, is also anticipated to take part in the funding round.
Vioma Motors has created a smart electric two-wheeler with a range of approximately 400 km on a single charge, utilizing a proprietary battery technology that can generate charge while riding and contribute it back to the main battery pack. This innovation offers superior characteristics when compared to commonly used Lithium-ion batteries. Vioma’s two-wheeler, which features an energy regeneration system, has been designed, conceptualized, and manufactured in-house, with minimal reliance on imports.
Vioma Motors, founded in 2020 by a group of Aerospace Engineers Varsha Anoop, Shomick Mohanty, Ummesalma Babuji, and tech-savvy chartered accountant Hozefa Irani, aims to tackle rising fuel costs and climate change by introducing top-of-the-line, eco-friendly E-scooters designed to address the charging infrastructure challenge in India, according to a company press release.
According to Ashu Suyash, founder of Colossa Ventures, “Varsha and her team have built the scooter from scratch using first principles, and we are thrilled to join Vioma’s journey as its revolutionary technology, which has been validated by ARAI, disrupts the rapidly expanding EV market.” Suyash added that Colossa is proud to support determined, exceptional women entrepreneurs like Varsha by providing capital, expertise, and market access through its network and that of its global advisors to help them achieve their vision and growth goals.
According to Varsha Anoop, the co-founder and CEO of Vioma Motors, “Resolving range anxiety for customers without compromising on safety and economics was the primary motivation behind starting Vioma Motors.” Anoop also stated that the new investment would be used to optimize the battery pack, complete the homologation process, and prepare for the commercial launch.
Shomick Mohanty, the co-founder and CTO of Vioma Motors, stated that “Our product is designed to tackle the inefficiencies associated with riding an electric vehicle, and this is achieved not only through our proprietary battery technology but also through the innovative chassis design, our unique motor technology, and the suspension energy regeneration system.” Mohanty added that since most of the parts, including the raw material for cells, will be sourced from India, the two-wheeler will be cost-effective as well.
The Indian electric vehicle market currently faces a challenge in meeting the riding range requirements of customers, compounded by the inadequate charging infrastructure throughout the country. Additionally, recent battery-related fire incidents have emerged as a growing concern. Vioma Motors aims to solve this problem by introducing a metal air battery pack that is safer and has a power density 5 times higher than that of Lithium-ion batteries.
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